What is Beneficial Ownership Information Reporting?

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The last year has brought a whirlwind of tax changes, credits, and COVID relief.  Here’s what you need to know about your estimated tax requirements:

  • WHAT? 

  • Estimated tax payments are required if you have a tax liability of $1,000 or more that is not paid through payroll withholdings.

  • If you wait to pay tax due until your tax return is due, you’ll have to pay penalties in addition to the tax due.

  • WHEN?  Estimated tax due dates:

BOSS dates

  • HOW TO PAY?  You also have a couple of payment options:

  • Payroll:

    • If you are an employee of your company (e.g., S-Corp owners), and you use Gusto or another payroll system, you can pay your federal and state income taxes through additional tax withholdings instead of making estimated tax payments manually.

  • Online:

  • EFTPS:

    • If you have an EFTPS account, you can pay electronically.  Be sure to initiate payment at least one day in advance of the due date.

  • Vouchers: